What direction is California going in this year in 2023-2024? LTR or STR?

[Zachary Wurtz]

Hey guys! I'm located in the Oceanside, CA area and I've been looking for potential properties I can either LTR or convert to STR all the way from the Kern County down to San Diego county. I'm new to the game and I would like to do something local so I can really watch every step in process for my first couple properties before I invest out of state so I feel more confident; however, with this insane market, what are investment properties leaning to as far as LTR or STR in Southern CA? The reason I ask is because I will be using lenders for down payment and renovations so would the property increase in value the same as it would 4 years ago to make that money back when you cash out refinance?

If anyone is in the local area, I would love to meet up to find like minded people with the same goal! Thanks!